MIRA INFORM REPORT

Report No. :	492042
Report Date :	17.02.2018

IDENTIFICATION DETAILS

Name :	VERESCENCE LA GRANJA SL
Registered Office :	Paseo Del Pocillo S/N - La Granja De San Ildefonso - 40100 - Segovia
Country :	Spain
Financials (as on) :	2016
Date of Incorporation :	19.12.1996
Legal Form :	Private company
Line of Business :	Manufacture of hollow glass
No. of Employees :	420 [2018]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Spain	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SPAIN - ECONOMIC OVERVIEW

After experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2017 Spain marked the fourth full year of positive economic growth in ten years, largely due to increased private consumption. At the onset of the financial crisis, Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In that year, the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program for its financial sector.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 17% in 2017. High unemployment has strained Spain's public finances, as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010, but Spain gradually reduced the deficit to about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained through 2016. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

Political gridlock after the national elections in December 2015 and June 2016 and ensuing government formation process constrained the caretaker government’s ability to implement needed labor, pension, health care, tax, and education reforms— in 2016. The European Commission criticized Spain’s 2016 budget for easing austerity measures and for its alleged overly optimistic growth and deficit projections. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and with the recent uptick in economic activity, inflation has reappeared, at 2% per year.

Source : CIA

EXECUTIVE SUMMARY

Name:	VERESCENCE LA GRANJA SL
NIF / Fiscal code:	B40152431
Status:	ACTIVE
Incorporation Date:	19/12/1996
Register Data	Register Section 8 Sheet 2018
Last Publication in BORME:	21/12/2017 [Appointments]
Last Published Account Deposit:	2016
Share Capital:	27.000.000
Localization:	PASEO DEL POCILLO S/N - LA GRANJA DE SAN ILDEFONSO - 40100 - SEGOVIA
Telephone - Fax - Email - Website:	Telephone. 921 417 500 / 917 707 516 / 913 972 664 Email. andrey.prin@verescence.com Website. www.verescenceinsulators.com
Number of Branches	3
Activity:
NACE:	2313 - Manufacture of hollow glass
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	17 for a total cost of 1887227.5699999998
Quality Certificate:	No
Payment Behaviour:	Slow but correct
Prospects:	Consolidation
Industry situation:	Maturity
Defaults, Legal Claims and Insolvency Proceedings :

	Number	Amount (€)	Most Recent Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	---	---
Defaults on debt with Financial Institutions and Large Companies	None	---	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)	None	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	Unpublished	0	---

Partners:

VERESCENCE SPAIN SL	100 %
Shares:	0
Other Links:	3
No. of Active Corporate Bodies:

Ratios

2016

2015

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The subject was incorporated several years ago. Thus, it has lot of expertise in the sector. Its scope for action is very good, which means that part of the current assets are being financed with permanent resources (own and non-long term), which indicates that the company maintains a correct financial turnover.
Interviewed Person:

Enquiry Details
Business address regime:	Owned

Identification
Social Denomination:	VERESCENCE LA GRANJA SL
NIF / Fiscal code:	B40152431
Corporate Status:	ACTIVE
Start of activity:	1997
Registered Office:	PASEO DEL POCILLO S/N
Locality:	LA GRANJA DE SAN ILDEFONSO
Province:	SEGOVIA
Postal Code:	40100
Telephone:	921 417 500 / 917 707 516 / 913 972 664
Fax:	921 417 555
Website:	www.verescenceinsulators.com
Email:	andrey.prin@verescence.com
Interviewed Person:	Company staff

Branch Offices

Address	Postal Code	City	Province
CALLE GALILEU 303 2	08028	BARCELONA	BARCELONA
PASEO CASTELLANA 7 6	28046	MADRID	MADRID
CALLE PEDRO TEIXEIRA 8 1	28020	MADRID	MADRID

Activity
NACE:	2313
CNAE Obtaining Source:	2313
Corporate Purpose:	THE SUBJECT IS ENGAGED IN THE MANUFACTURE AND SALE OF GLASS ARTICLES IN GENERAL. PURCHASE SALE, STORAGE AND DEPOSIT OF GOODS OF ALL KINDS IN GENERAL, REAL ESTATE.
Additional Information:	It is engaged in the manufacture of vials for the perfurme industry and glass insulators for high voltage electric lines. It is part of Grupo Verescence
Additional Address:	Registered office, storage, Factory and other premises located in: PASEO DEL POCILLO S/N 40100 LA GRANJA DE SAN ILDEFONSO ( SEGOVIA ), owned. Offices: PARQUE EMPRESARIAL JOSE Mª CHURRUCA C/ ALMANSA , 105 PLANTA 2 DRCH OF B-1 28040 MADRID
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2018	420

The data of employees is from the latest available financial statements. Failing that, are estimates data calculated by statistical methods

Chronological Summary
	Year	Act
	1997	Appointments/ Re-elections (14) Company Formation (1) Increase of Capital (1)
	1998	Accounts deposit (year 1996, 1997) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Statutory Modifications (1)
	1999	Accounts deposit (year 1998) Appointments/ Re-elections (2) Increase of Capital (1)
	2000	Accounts deposit (year 1999) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2001	Accounts deposit (year 2000) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
	2002	Accounts deposit (year 2001) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2)
	2003	Accounts deposit (year 2002) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (5)
	2004	Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3)
	2005	Accounts deposit (year 2003) Appointments/ Re-elections (1)
	2006	Accounts deposit (year 2004, 2005) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)
	2007	Accounts deposit (year 2006) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1) Declaration of Sole Propietorship (2) Loss of the sole propietorship condition (1) Other Concepts/ Events (1) Statutory Modifications (1)
	2008	Accounts deposit (year 2007) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	2010	Accounts deposit (year 2008, 2009) Appointments/ Re-elections (13) Cessations/ Resignations/ Reversals (10)
	2011	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
	2012	Accounts deposit (year 2010, 2011) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)
	2013	Appointments/ Re-elections (1)
	2014	Accounts deposit (year 2012, 2013) Appointments/ Re-elections (5) Capital Reduction (1) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1)
	2015	Accounts deposit (year 2014) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
	2016	Accounts deposit (year 2015) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2)
	2017	Accounts deposit (year 2016) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1)

Breakdown of Owners' Equity
Registered Capital:	27.000.000
Paid up capital:	27.000.000

Shareholders

Name

NIF

% Shareholding stake

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
19/03/1997	Company Formation	3.005	3.005	3.005	3.005
01/09/1997	Increase of Capital	21.032.419	21.032.419	21.035.424	21.035.424
10/06/1999	Increase of Capital	12.020.242	12.020.242	33.055.666	33.055.666
30/12/2014	Capital Reduction	-6.055.550	-6.055.550	27.000.000	27.000.000

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	COUGARD SPAIN SL	27/09/2007	1
PRESIDENT	THOMAS RIOU	01/02/2017	2
MEMBER OF THE BOARD	DIMITRI JEAN MARIE DUMESTRE	01/02/2017	1
	THOMAS RIOU	06/05/2014	2
	SUDAN ASHOK	08/10/2010	2
JOINT ATTORNEY/COMBINED PROXY	LOPEZ SANCHEZ MARIO CESAR	01/03/2016	6
	ANGEL JOSE MARCOS DURANTEZ	01/03/2016	2
	MARCOS JAVIER ARRANZ MOLINS	07/04/2015	2
	FRANCISCO DE BORJA SANCHIS CIENFUEGOS-JOVELLANOS	07/04/2015	1
	PABLO ROMAN GARCIA	07/04/2015	1
	JESUS OLIVER SAEZ	12/03/2014	1
	FREDERIC GUILLOTOU KEREVER	12/03/2014	1
	ELIAS PY RODRIGUEZ	12/03/2014	1
	AZPIROZ QUESADA DOLORES	12/03/2014	3
	FERNANDEZ GOMEZ JOSE	12/03/2014	4
	MARTINEZ ALVAREZ BENJAMIN	12/03/2014	3
NON CONSELLOR SECRETARY	ANGEL JOSE MARCOS DURANTEZ	01/03/2016	2
	LEIS MAYAN	09/07/2012	1
ACCOUNTS' AUDITOR / HOLDER	KPMG AUDITORES SL	14/12/2017	7

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALFAYATE MIGUELEZ AQUILINO	PROXY	17/05/2006	1
ALVARO GALVEZ FELIPE CARLOS	PROXY	09/09/1998	1
ANDRES ARRANZ LUIS	PROXY	21/09/2012	1
AZPIROZ QUESADA DOLORES	PROXY	21/09/2012	3
	JOINT ATTORNEY/COMBINED PROXY	12/03/2014
BENAVIDES ABAJO JOAQUIN	PROXY	21/09/2012	1
BENOIT CARPENTIER	PRESIDENT	16/05/2007	3
	CHIEF EXECUTIVE OFFICER	16/05/2007
	MEMBER OF THE BOARD	16/05/2007
BLANCO RUIZ JOSE LUIS	JOINT ATTORNEY	20/05/2010	1
BRUNET FREDERIC	MEMBER OF THE BOARD	13/05/2015	1
CALLE VILLAVERDE FRANCISCO	PROXY	27/09/2001	1
CARRICAJO MAZARIEGOS DOMINGO	JOINT ATTORNEY/COMBINED PROXY	21/09/2012	1
CASADO PIERRE	MEMBER OF THE BOARD	20/05/2010	1
CEÑAL BERJANO RAMON	PROXY	20/05/2010	3
	JOINT ATTORNEY/COMBINED PROXY	15/04/2003
	JOINT ATTORNEY/COMBINED PROXY	16/07/2004
CLAUDE IMAUVEN	SINGLE ADMINISTRATOR	02/10/1998	4
	MEMBER OF THE BOARD	20/06/2000
	PROXY	20/05/2010
	PRESIDENT	20/06/2000
CLAUDE PICOT	MEMBER OF THE BOARD	14/03/2003	1
COSTA DIEGO JOSE VICENTE FERNANDO	PROXY	21/03/2001	1
DE ANDRES ARRANZ LUIS ANTONIO	NON CONSELLOR SECRETARY	09/07/2012	1
DE ROSEN MICHEL	PRESIDENT	02/02/2010	2
	MEMBER OF THE BOARD	02/02/2010
DEO MARTIN MANUEL	JOINT ATTORNEY	20/05/2010	1
DILLARD THIERRY	MEMBER OF THE BOARD	02/02/2010	3
	MEMBER OF THE BOARD	08/10/2010
	PRESIDENT	08/10/2010
DUBOC JEAN MARIE	MEMBER OF THE BOARD	20/12/2010	1
EMMANUELLE CAMUS NIKITINE	MEMBER OF THE BOARD	01/02/2017	1
FERNANDEZ GOMEZ JOSE	PROXY	16/07/2004	4
	JOINT ATTORNEY/COMBINED PROXY	21/09/2012
	JOINT ATTORNEY/COMBINED PROXY	12/03/2014
FERNANDEZ GOMEZ, JOSE	JOINT ATTORNEY/COMBINED PROXY	07/04/2015	1
FRANCISCO MANUEL HURTADO MARJALIZO	PROXY	07/04/2011	4
	NON CONSELLOR SECRETARY	20/12/2010
	JOINT ATTORNEY/COMBINED PROXY	18/10/2007
	JOINT ATTORNEY/COMBINED PROXY	07/04/2011
FRANCOIS DUJARDIN	MEMBER OF THE BOARD	02/02/2010	3
	JOINT ATTORNEY	20/05/2010
	PRESIDENT	02/02/2010
FREDERIC SINNAH RAYMOND	MEMBER OF THE BOARD	08/09/2011	1
GARCIA VIEJO ARMANDO	PROXY	20/05/2010	1
GOMEZ AGUDO URPIANO	PROXY	15/04/2003	1
GUTIERREZ SOLANA SABRINA	JOINT ATTORNEY	12/03/2014	1
ISO RIVERA MARIANO FRANCISCO	JOINT ATTORNEY	20/05/2010	1
JARABA MUÑOZ LUIS FERNANDO	PROXY	21/09/2012	1
JEAN PIERRE FLORIS	PRESIDENT	27/07/2004	4
	CHIEF EXECUTIVE OFFICER	27/07/2004
	PROXY	20/05/2010
	MEMBER OF THE BOARD	27/07/2004
JEROME FESSARD	MEMBER OF THE BOARD	16/05/2007	1
JESUS PASTOR MINGUEZ	PROXY	20/05/2010	1
JIMENEZ HERAS ANTONIO	JOINT ATTORNEY/COMBINED PROXY	20/05/2010	1
JIMENEZ HERAS ANTONIO JULIAN	PROXY	20/05/2010	1
JIMENEZ NUÑEZ JOSE ENRIQUE	JOINT ATTORNEY/COMBINED PROXY	07/04/2011	1
KPMG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	18/01/2011	7
	ACCOUNTS' AUDITOR / HOLDER	28/12/2012
	ACCOUNTS' AUDITOR / HOLDER	19/03/2013
	ACCOUNTS' AUDITOR / HOLDER	28/12/2015
	ACCOUNTS' AUDITOR / HOLDER	06/03/2017
	ACCOUNTS' AUDITOR / HOLDER	14/12/2017
LEIS MAYAN LUIS ANTONIO	NON CONSELLOR SECRETARY	01/03/2016	1
LLARAS PRADOS ALFONSO	PROXY	09/09/1998	1
LOPEZ SANCHEZ MARIO CESAR	PROXY	07/04/2011	6
	PROXY	09/07/2012
	PROXY	21/09/2012
	JOINT ATTORNEY/COMBINED PROXY	12/03/2014
	JOINT ATTORNEY/COMBINED PROXY	01/03/2016
MARCOS JAVIER ARRANZ MOLINS	JOINT ATTORNEY	07/04/2015	2
MARIA CRUZ RUBIO GARCIA	PROXY	20/05/2010	1
MARTINEZ ALVAREZ BENJAMIN	PROXY	21/09/2012	3
	JOINT ATTORNEY/COMBINED PROXY	12/03/2014
MARTINEZ ALVAREZ, BENJAMIN	JOINT ATTORNEY/COMBINED PROXY	07/04/2015	1
MARTINEZ VALDERRAMA ANGEL MANUEL	PROXY	06/06/2002	1
MERINO RAMONELL JOSE	PROXY	15/04/2003	1
PALLARES CAPDEVILA IGNACIO	JOINT ATTORNEY	20/05/2010	1
PATRICIA IRENE PUIG PONER	PROXY	15/04/2003	1
PIERRE TRACOL	PRESIDENT	08/08/2003	3
	CHIEF EXECUTIVE OFFICER	08/08/2003
	MEMBER OF THE BOARD	08/08/2003
PRICE WATERHOUSE AUDITORES SA	ACCOUNTS' AUDITOR / HOLDER	22/10/2001	1
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	22/10/2001	7
	ACCOUNTS' AUDITOR / HOLDER	02/09/2002
	ACCOUNTS' AUDITOR / HOLDER	09/09/2003
	ACCOUNTS' AUDITOR / HOLDER	14/01/2005
	ACCOUNTS' AUDITOR / HOLDER	21/02/2006
	ACCOUNTS' AUDITOR / HOLDER	21/10/2006
	ACCOUNTS' AUDITOR / HOLDER	02/02/2010
PUYOL TOBEÑA XAVIER	JOINT ATTORNEY	20/05/2010	1
RIVIERE FRANCOIS	MEMBER OF THE BOARD	02/02/2010	1
ROSARIO PAYO VICENTE	JOINT ATTORNEY/COMBINED PROXY	20/05/2010	1
SAINT GOBAINT VICASA SA	SINGLE PARTNER	27/09/2007	1
SARASIBAR GOÑI ANTONIO	PROXY	28/07/2006	2
	SECRETARY	16/06/2006
SHAN DAVID	MEMBER OF THE BOARD	12/03/2014	1
SUDAN ASHOK	PRESIDENT	01/02/2017	2
THABUY GERARD	MEMBER OF THE BOARD	24/01/2008	1
USTERO ALONSO JOSE LUIS	JOINT ATTORNEY/COMBINED PROXY	12/03/2014	2
	JOINT ATTORNEY/COMBINED PROXY	01/03/2016
USTERO SANCHEZ JOSE LUIS	JOINT ATTORNEY/COMBINED PROXY	21/08/2012	1
VILLAR MATEO MARIA JESUS	PROXY	25/11/2002	1
ZUBER LAURENT	MEMBER OF THE BOARD	02/02/2010	1

Executive board

Post	NIF	Name
COMMERCIAL MANAGER		JOAQUIN BENAVIDES AISLADORES MOLD
FINANCIAL DIRECTOR		LUIS ANTONIO ANDRES ARRANZ
MANAGING DIRECTOR		F MANUEL HURTADO MARJALIZO
PRODUCTION MANAGER		MARIO LOPEZ SANCHEZ

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

> Summary

Chronological summary

		Number of Publications	Amount (€)	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---	---
Request/Declaration		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
Status: Friendly		---
Status: Pre-Litigation		---
Status: Litigation		---
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		Unpublished	---
Notices of defaults and enforcement		---	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. No irregular payment performance has been detected based on information obtained from credit bureaus. At domestic level, it is one of the companies with high turnover volume. Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure. VERESCENCE LA GRANJA SL 's borrowing cost is appropriate according to its volume of external financing sources.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.176 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 231 Manufacture of glass and glass products
Relative Position: Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 99.00% of the companies of the sector VERESCENCE LA GRANJA SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0,176%.

In the event they fail to comply with the payment, the seriousness of the loss will depend on factors such as the promptness of the commencement of the charging management, the existence of executive documents which match the credit or the existence of guarantees and free debt assets under the name of the debtor. Therefore, the probability of non-compliance should not be solely interpreted as the total loss of the owed amount.

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	Not published
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	Not published
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	Not published
	Incidences with the Social Security	Not published
	Incidences with the Autonomous Administration	Not published
	Incidences with the Local Administration	Not published
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	Not published
	Proceedings by the old Civil Procedural Law 1.881	Not published
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Proceedings before the Industrial Tribunal	Not published

Guarantees

References

Link List

IS RELATED WITH:	3 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	VERESCENCE SPAIN SL	SEGOVIA	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	SGD GROUP SAS
	SGD LUXEMBOURG PERFUMERY HOLDING SARL
	VERESCENCE LUXEMBOURG PERFUMERY HOLDING SARL (LUXEMBURGO)

Turnover
Total Sales 2017	65.850.000

The sales data is from the latest available financial statements. Failing that, are estimates data calculated by statistical methods.

Estimated Balance

Its turnover was reduced by 17.58% in 2016, compared to the previous year, although the result of the year has been way higher than in 2015.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2016	Normales	November  2017
2015	Normales	November  2016
2014	Normales	November  2015
2013	Normales	September  2014
2012	Normales	February  2014
2011	Normales	December  2012
2010	Normales	July  2012
2009	Normales	November  2010
2008	Normales	February  2010
2007	Normales	January  2008
2007	Normales	January  2010
2006	Normales	June  2007
2005	Normales	December  2006
2004	Normales	December  2005
2003	Normales	December  2004
2002	Normales	November  2003
2001	Normales	November  2002
2000	Normales	October  2001
1999	Normales	September  2000
1998	Normales	September  1999
1997	Normales	October  1998
1996	Normales	September  1998

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2016

>  Normal format Balance in accordance with the New Accounting Plan 2007

Information corresponding to the fiscal year 2016 2015 2014 2013 2012  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2016 2015 2014 2013 2012  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2016	2015	2014	2013	2012
A) NON-CURRENT ASSETS: 11000	30.992.681,00	13.563.910,00	8.086.793,00	8.726.677,00	27.905.094,00
I. Intangible fixed assets : 11100	77.373,00	259.845,00	256.177,00	263.583,00	702.892,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	57,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	77.373,00	13.798,00	9.298,00	0,00	58.989,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	246.047,00	246.879,00	0,00	0,00
9. Other intangible fixed assets. : 11170	0,00	0,00	0,00	263.583,00	643.846,00
II. Tangible fixed assets : 11200	27.197.348,00	9.777.808,00	5.893.794,00	544.829,00	20.420.446,00
1. Land and buildings: 11210	2.954.862,00	264.428,00	260.712,00	168.924,00	3.040.677,00
2. Technical installations and other tangible fixed assets: 11220	19.910.352,00	6.445.911,00	2.947.404,00	0,00	11.456.423,00
3. Tangible asset in progress and advances: 11230	4.332.134,00	3.067.469,00	2.685.678,00	375.905,00	5.923.346,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	0,00	0,00	0,00	5.804.000,00	5.804.000,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	0,00	0,00	0,00	5.804.000,00	5.804.000,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	998.858,00	1.203.784,00	413.030,00	397.334,00	523.895,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	1.662,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	998.858,00	1.203.784,00	413.030,00	397.334,00	47.092,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	475.141,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	2.719.102,00	2.322.473,00	1.523.792,00	1.716.931,00	453.861,00
B) CURRENT ASSETS: 12000	43.809.461,00	42.955.271,00	35.950.859,00	34.921.003,00	34.343.623,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	17.979.510,00	17.325.457,00	16.582.844,00	14.831.513,00	18.286.863,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	101.529,00
2. Primary material and other supplies: 12220	3.526.964,00	2.955.808,00	3.053.846,00	1.729.040,00	2.927.581,00
a) Long-term primary material and other supplies: 12221	0,00	0,00	0,00	0,00	0,00
b) Short-term primary material and other supplies: 12222	3.526.964,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	2.134.597,00	1.753.868,00	2.462.139,00	2.768.215,00	2.453.874,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	2.134.597,00	1.753.868,00	2.462.139,00	2.768.215,00	2.453.874,00
4. Finished goods: 12240	12.317.949,00	12.615.781,00	11.061.059,00	10.325.940,00	12.798.079,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	12.317.949,00	12.615.781,00	11.061.059,00	10.325.940,00	12.798.079,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	5.800,00	8.318,00	5.800,00
III. Trade debtors and others receivable accounts: 12300	9.080.657,00	12.913.424,00	13.026.545,00	15.109.321,00	10.956.415,00
1. Trade debtors / accounts receivable: 12310	5.265.532,00	8.437.168,00	9.290.378,00	11.519.316,00	7.715.903,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	5.265.532,00	8.437.168,00	9.290.378,00	0,00	7.715.903,00
2. Customers, Group companies and associates : 12320	1.958.667,00	2.945.535,00	1.311.849,00	2.003.755,00	2.146.972,00
3. Other accounts receivable: 12330	777.320,00	372.846,00	105.991,00	159.238,00	114.923,00
4. Personnel: 12340	0,00	1.180,00	1.041,00	1.105,00	1.493,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	1.079.138,00	1.156.695,00	2.317.286,00	1.425.907,00	977.124,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	12.916.900,00	9.333.930,00	0,00	1.822.278,00	2.735.152,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	1.822.278,00	2.735.152,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	12.916.900,00	9.333.930,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	744.800,00	1.562.000,00	1.274.000,00	919.000,00	799.000,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	919.000,00	799.000,00
6. Other investments: 12560	744.800,00	1.562.000,00	1.274.000,00	0,00	0,00
VI. Short-term accruals: 12600	26.405,00	27.504,00	16.042,00	0,00	47.458,00
VII. Cash and other equivalent liquid assets : 12700	3.061.189,00	1.792.956,00	5.051.428,00	2.238.891,00	1.518.735,00
1. Treasury: 12710	3.061.189,00	1.792.956,00	5.051.428,00	2.238.891,00	1.518.735,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	74.802.142,00	56.519.181,00	44.037.652,00	43.647.680,00	62.248.717,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2016	2015	2014	2013	2012
A) NET WORTH: 20000	42.360.554,00	24.046.130,00	15.747.677,00	6.128.207,00	27.060.502,00
A-1) Shareholders' equity: 21000	42.335.409,00	24.017.527,00	15.569.315,00	5.855.992,00	26.634.788,00
I. Capital: 21100	27.000.000,00	27.000.000,00	27.000.000,00	33.055.550,00	33.055.550,00
1. Registered capital : 21110	27.000.000,00	27.000.000,00	27.000.000,00	33.055.550,00	33.055.550,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	2.006.676,00	2.006.676,00
III. Reserves: 21300	3.583.088,00	2.798.016,00	2.408.828,00	9.764.272,00	9.776.380,00
1. Legal and statutory: 21310	3.792.109,00	2.960.188,00	2.700.000,00	6.611.110,00	6.611.110,00
2. Other reserves: 21320	-209.021,00	-162.172,00	-291.172,00	3.153.162,00	3.165.270,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
2. Capitalisation Reserves: 21350	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	-6.612.410,00	-14.099.701,00	-16.441.392,00	-18.203.818,00	-7.858.014,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	-6.612.410,00	-14.099.701,00	-16.441.392,00	-18.203.818,00	-7.858.014,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	18.364.731,00	8.319.212,00	2.601.879,00	-20.766.688,00	-10.345.804,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	25.145,00	28.603,00	178.362,00	272.215,00	425.714,00
B) NON-CURRENT LIABILITIES: 31000	9.433.995,00	8.975.808,00	3.064.073,00	2.910.564,00	2.808.293,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	8.127.379,00	7.620.258,00	1.272.970,00	760.671,00	514.839,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	847.008,00	456.540,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	86.897,00	117.311,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	7.193.474,00	7.046.407,00	1.272.970,00	760.671,00	514.839,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	1.306.616,00	1.355.550,00	1.791.103,00	2.149.893,00	2.293.454,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	23.007.593,00	23.497.243,00	25.225.902,00	34.608.909,00	32.379.922,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	278.503,00	207.910,00	172.795,00	400.762,00	1.106.184,00
1. Provisions from greenhouse gas emission allowance: 32210	278.503,00	207.910,00	172.795,00	190.893,00	0,00
2. Other provisions: 32220	0,00	0,00	0,00	209.869,00	0,00
III. Short-term creditors : 32300	6.843.714,00	6.537.334,00	854.871,00	674.106,00	964.911,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	5.824.523,00	5.496.470,00	0,00	0,00	0,00
3. Creditors from financial leasing: 32330	39.187,00	44.209,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	980.004,00	996.655,00	854.871,00	674.106,00	964.911,00
IV. Short-term debts with Group companies and associates: 32400	1.036.502,00	0,00	8.934.000,00	14.246.530,00	14.349.223,00
V. Trade creditors and other accounts payable: 32500	14.848.874,00	16.751.999,00	15.264.236,00	19.257.293,00	15.959.604,00
1. Suppliers: 32510	5.648.400,00	5.918.283,00	6.197.696,00	7.495.384,00	8.005.051,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	5.648.400,00	5.918.283,00	6.197.696,00	7.495.384,00	8.005.051,00
2. Suppliers, Group companies and associates: 32520	664.383,00	798.609,00	1.701.967,00	2.885.136,00	2.150.303,00
3. Other creditors: 32530	6.919.262,00	8.091.461,00	5.927.957,00	5.654.002,00	4.793.228,00
4. Personnel (remuneration due): 32540	969.549,00	1.261.063,00	501.479,00	435.480,00	324.162,00
5. Liabilities for current tax: 32550	224,00	201,00	142,00	102,00	128,00
6. Other accounts payable to Public Administrations.: 32560	587.527,00	593.801,00	934.995,00	2.787.189,00	686.732,00
7. Advances from clients: 32570	59.529,00	88.581,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	30.218,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	74.802.142,00	56.519.181,00	44.037.652,00	43.647.680,00	62.248.717,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2016	2015	2014	2013	2012
1. Net turnover: 40100	65.269.082,00	79.189.961,00	64.250.446,00	80.798.806,00	66.662.201,00
a) Sales: 40110	65.269.082,00	79.189.961,00	64.250.446,00	80.798.806,00	66.662.201,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	82.897,00	633.789,00	429.043,00	-2.157.798,00	2.549.819,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-22.606.852,00	-30.665.337,00	-24.753.809,00	-38.809.901,00	-33.214.349,00
a) Stock consumption: 40410	-1.505.847,00	-2.579.418,00	-2.339.672,00	-15.657.393,00	-13.994.886,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-13.919.141,00	-19.519.060,00	-13.761.267,00	-15.307.863,00	-12.555.335,00
c) Works carried out by other companies: 40430	-7.181.864,00	-8.566.859,00	-8.652.870,00	-7.844.645,00	-6.664.128,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	1.780.534,00	1.201.060,00	431.331,00	1.249.531,00	658.774,00
a) Auxiliary income and other from current management: 40510	1.780.534,00	1.201.060,00	431.331,00	1.249.531,00	654.274,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	4.500,00
6. Personnel costs: 40600	-15.796.447,00	-16.198.163,00	-15.194.281,00	-14.668.762,00	-15.996.383,00
a) Wages, salaries et al.: 40610	-12.062.216,00	-12.567.994,00	-11.490.302,00	-10.990.280,00	-12.209.683,00
b) Social security costs: 40620	-3.783.395,00	-3.607.598,00	-3.632.458,00	-3.607.862,00	-3.665.538,00
c) Provisions : 40630	49.164,00	-22.571,00	-71.521,00	-70.620,00	-121.162,00
7. Other operating costs: 40700	-20.952.474,00	-26.020.025,00	-22.341.599,00	-22.232.985,00	-21.783.188,00
a) External services: 40710	-20.380.769,00	-25.266.481,00	-21.908.070,00	-21.788.470,00	-20.947.600,00
b) Taxes: 40720	-130.720,00	-230.347,00	-130.300,00	-129.988,00	-139.020,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	0,00	0,00	1.305,00	-151.907,00
d) Other current management expenditure : 40740	-164.719,00	-140.107,00	-130.434,00	-124.939,00	-544.661,00
e) Expenses due to greenhouse gas emissions: 40750	-276.266,00	-383.090,00	-172.795,00	-190.893,00	0,00
8. Amortisation of fixed assets: 40800	-2.810.834,00	-1.688.001,00	0,00	-6.074.175,00	-7.397.532,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	276.266,00	388.334,00	222.472,00	247.068,00	463.081,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	14.524.263,00	0,00	0,00	-17.340.901,00	-1.405.257,00
a) Impairment and losses : 41110	0,00	0,00	0,00	-16.068.063,00	-831.388,00
b) Results for transfers and other : 41120	0,00	0,00	0,00	-1.272.838,00	-573.869,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	-380.292,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	19.386.143,00	6.841.618,00	3.043.603,00	-18.989.117,00	-9.462.834,00
14. Financial income : 41400	454.982,00	1.065.834,00	73.422,00	105.642,00	70.972,00
a) Of shares in equity instruments : 41410	0,00	0,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	454.982,00	1.065.834,00	73.422,00	105.642,00	70.972,00
b 1) From Group companies and associates : 41421	451.079,00	70.795,00	18.050,00	51.293,00	70.972,00
b 2) From third parties : 41422	3.903,00	995.039,00	55.372,00	54.349,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-657.299,00	-605.638,00	-401.361,00	-390.542,00	-369.982,00
a) Amounts owed to Group companies and associates : 41510	0,00	-117.789,00	-113.571,00	-28.042,00	-18.234,00
b) For debts with third parties : 41520	-657.299,00	-487.849,00	-287.790,00	-362.500,00	-351.748,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	-210.831,00	-192.929,00	-113.785,00	-93.817,00	-124.636,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-413.148,00	267.267,00	-441.724,00	-378.717,00	-423.646,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	18.972.995,00	7.108.885,00	2.601.879,00	-19.367.834,00	-9.886.480,00
20. Income taxes: 41900	-608.264,00	1.210.327,00	0,00	-1.398.854,00	-459.324,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	18.364.731,00	8.319.212,00	2.601.879,00	-20.766.688,00	-10.345.804,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	18.364.731,00	8.319.212,00	2.601.879,00	-20.766.688,00	-10.345.804,00

> Normal Balance Sheet under the rules of the 1990 General Accounting Plan (repealed since 1st January of 2008)

Information corresponding to the fiscal year 2016 2015 2014 2013 2012  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology 2016 2015 2014 2013 2012  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2016	2015	2014	2013	2012
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	28.273.579,00	10.995.390,00	6.316.122,00	7.009.746,00	27.451.233,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	77.373,00	13.798,00	9.298,00	263.583,00	702.892,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	57,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	77.373,00	13.798,00	9.298,00	0,00	58.989,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	263.583,00	643.846,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	27.197.348,00	9.777.808,00	5.893.794,00	544.829,00	20.420.446,00
1. Land and construction:	2.954.862,00	264.428,00	260.712,00	168.924,00	3.040.677,00
2. Technical installations and machinery:	19.910.352,00	6.445.911,00	2.947.404,00	0,00	10.471.954,00
3. Other installations, tools and furniture:	0,00	0,00	0,00	0,00	854.278,00
4. Payments on account and tangible fixed assets under construction:	4.332.134,00	3.067.469,00	2.685.678,00	375.905,00	5.923.346,00
5. Other tangible assets:	0,00	0,00	0,00	0,00	130.191,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
IV. Financial investments:	998.858,00	1.203.784,00	413.030,00	6.201.334,00	6.327.895,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	5.804.000,00	5.804.000,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	476.803,00
7. Long term guarantees and deposits:	998.858,00	1.203.784,00	413.030,00	397.334,00	47.092,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	46.528.563,00	45.277.744,00	37.474.651,00	36.637.934,00	34.797.484,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	17.979.510,00	17.325.457,00	16.582.844,00	14.831.513,00	18.286.863,00
1. Goods for resale:	0,00	0,00	0,00	0,00	101.529,00
2. Raw materials and other consumables:	3.526.964,00	2.955.808,00	3.053.846,00	1.729.040,00	2.927.581,00
3. Goods in process and semifinished ones:	2.134.597,00	1.753.868,00	2.462.139,00	2.768.215,00	2.453.874,00
4. Finished products:	12.317.949,00	12.615.781,00	11.061.059,00	10.325.940,00	12.798.079,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	5.800,00	8.318,00	5.800,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	11.799.759,00	15.235.897,00	14.550.337,00	16.826.252,00	11.410.276,00
1. Trade debtors / accounts receivable:	5.265.532,00	8.437.168,00	9.290.378,00	11.519.316,00	7.715.903,00
2. Accounts receivable, Group companies:	1.958.667,00	2.945.535,00	1.311.849,00	2.003.755,00	2.146.972,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	777.320,00	372.846,00	105.991,00	159.238,00	114.923,00
5. Staff:	0,00	1.180,00	1.041,00	1.105,00	1.493,00
6. Public bodies:	3.798.240,00	3.479.168,00	3.841.078,00	3.142.838,00	1.430.985,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	13.661.700,00	10.895.930,00	1.274.000,00	2.741.278,00	3.534.152,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	1.822.278,00	2.735.152,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	13.661.700,00	10.895.930,00	1.274.000,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	919.000,00	799.000,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	3.061.189,00	1.792.956,00	5.051.428,00	2.238.891,00	1.518.735,00
VII. Prepayments and accrued income:	26.405,00	27.504,00	16.042,00	0,00	47.458,00
GENERAL TOTAL (A + B + C + D):	74.802.142,00	56.273.134,00	43.790.773,00	43.647.680,00	62.248.717,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2016	2015	2014	2013	2012
A) EQUITY:	42.342.953,00	24.026.108,00	15.622.824,00	5.937.657,00	26.762.502,00
I. Subscribed capital:	27.000.000,00	27.000.000,00	27.000.000,00	33.055.550,00	33.055.550,00
II. Share premium:	0,00	0,00	0,00	2.006.676,00	2.006.676,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	3.590.632,00	2.806.597,00	2.462.337,00	9.845.937,00	9.904.094,00
1. Legal reserve:	3.792.109,00	2.960.188,00	2.700.000,00	6.611.110,00	6.611.110,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	-201.478,00	-153.591,00	-237.663,00	3.234.827,00	3.292.984,00
6. Differences due to capital adjustment to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	-6.612.410,00	-14.099.701,00	-16.441.392,00	-18.203.818,00	-7.858.014,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-6.612.410,00	-14.099.701,00	-16.441.392,00	-18.203.818,00	-7.858.014,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	18.364.731,00	8.319.212,00	2.601.879,00	-20.766.688,00	-10.345.804,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	17.602,00	20.022,00	124.853,00	190.551,00	298.000,00
1. Capital grants:	17.602,00	20.022,00	124.853,00	190.551,00	298.000,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	9.433.995,00	8.975.808,00	3.064.073,00	2.910.564,00	2.808.293,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	933.905,00	573.851,00	0,00	0,00	0,00
1. Loans and other liabilities:	847.008,00	456.540,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	86.897,00	117.311,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	8.500.090,00	8.401.957,00	3.064.073,00	2.910.564,00	2.808.293,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	7.193.474,00	7.046.407,00	1.272.970,00	760.671,00	514.839,00
4. Long term payables to public bodies:	1.306.616,00	1.355.550,00	1.791.103,00	2.149.893,00	2.293.454,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	23.007.593,00	23.497.243,00	25.225.902,00	34.608.909,00	32.379.922,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	5.863.710,00	5.540.679,00	0,00	0,00	0,00
1. Loans and other liabilities:	5.824.523,00	5.496.470,00	0,00	0,00	0,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	39.187,00	44.209,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	1.700.885,00	798.609,00	10.635.967,00	17.131.666,00	16.499.526,00
1. Amounts owed to group companies:	1.700.885,00	798.609,00	10.635.967,00	17.131.666,00	16.499.526,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	12.627.191,00	14.098.325,00	12.125.653,00	13.149.386,00	12.798.279,00
1. Advanced payments from customers:	59.529,00	88.581,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	12.567.662,00	14.009.744,00	12.125.653,00	13.149.386,00	12.798.279,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	2.537.304,00	2.851.720,00	2.291.487,00	3.896.877,00	1.975.933,00
1. Public bodies:	587.751,00	594.002,00	935.137,00	2.787.291,00	686.860,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	980.004,00	996.655,00	854.871,00	674.106,00	964.911,00
4. Wages and salaries payable:	969.549,00	1.261.063,00	501.479,00	435.480,00	324.162,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	278.503,00	207.910,00	172.795,00	400.762,00	1.106.184,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	30.218,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	74.802.142,00	56.519.181,00	44.037.652,00	43.647.680,00	62.248.717,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2016	2015	2014	2013	2012
A) CHARGES (A.1 to A.15):	63.747.027,00	73.776.676,00	62.632.040,00	102.976.842,00	80.750.651,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	2.157.798,00	0,00
A.2. Supplies:	22.606.852,00	30.665.337,00	24.753.809,00	38.809.901,00	33.214.349,00
a) Stock consumption:	1.505.847,00	2.579.418,00	2.339.672,00	15.657.393,00	13.994.886,00
b) Consumption of raw materials and miscellaneous consumable ones:	13.919.141,00	19.519.060,00	13.761.267,00	15.307.863,00	12.555.335,00
c) Miscellaneous external expenditure:	7.181.864,00	8.566.859,00	8.652.870,00	7.844.645,00	6.664.128,00
A.3. Staff costs:	15.796.447,00	16.198.163,00	15.194.281,00	14.668.762,00	15.996.383,00
a) Wages, salaries et al.:	12.013.052,00	12.590.565,00	11.561.823,00	11.060.900,00	12.330.845,00
b) Social security costs:	3.783.395,00	3.607.598,00	3.632.458,00	3.607.862,00	3.665.538,00
A.4. Depreciation expense:	2.810.834,00	1.688.001,00	0,00	6.074.175,00	7.397.532,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	0,00	0,00	0,00	-1.305,00	151.907,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	0,00	0,00	0,00	-1.305,00	151.907,00
A.6. Other operating charges:	20.676.208,00	25.636.935,00	22.168.804,00	22.043.397,00	21.631.281,00
a) External services:	20.380.769,00	25.266.481,00	21.908.070,00	21.788.470,00	20.947.600,00
b) Taxes:	130.720,00	230.347,00	130.300,00	129.988,00	139.020,00
c) Other operating expenses:	164.719,00	140.107,00	130.434,00	124.939,00	544.661,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	5.242.172,00	6.836.374,00	2.993.926,00	0,00	0,00
A.7. Financial and similar charges:	657.299,00	605.638,00	401.361,00	390.542,00	369.982,00
a) Due to liabilities with companies of the group:	0,00	117.789,00	113.571,00	28.042,00	18.234,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	657.299,00	487.849,00	287.790,00	362.500,00	351.748,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	210.831,00	192.929,00	113.785,00	93.817,00	124.636,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	267.267,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	4.829.024,00	7.103.641,00	2.552.202,00	0,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	16.068.063,00	831.388,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	1.272.838,00	573.869,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	380.292,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	14.420.237,00	388.334,00	222.472,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	19.249.261,00	7.491.975,00	2.774.674,00	0,00	0,00
A.15. Corporation tax:	608.264,00	-1.210.327,00	0,00	1.398.854,00	459.324,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	18.640.997,00	8.702.302,00	2.774.674,00	0,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2016	2015	2014	2013	2012
B) INCOME ( B.1 to B.13):	82.388.024,00	82.478.978,00	65.406.714,00	82.401.047,00	70.404.847,00
B.1. Net total sales:	65.269.082,00	79.189.961,00	64.250.446,00	80.798.806,00	66.662.201,00
a) Sales:	65.402.531,00	79.351.872,00	64.381.812,00	80.964.007,00	66.798.498,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	-133.449,00	-161.911,00	-131.366,00	-165.201,00	-136.297,00
B.2. Stock increase of manufactured goods and products in process:	82.897,00	633.789,00	429.043,00	0,00	2.549.819,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	1.780.534,00	1.201.060,00	431.331,00	1.249.531,00	658.774,00
a) Auxiliary income and other from current management:	1.780.534,00	1.201.060,00	431.331,00	1.249.531,00	654.274,00
b) Grants:	0,00	0,00	0,00	0,00	4.500,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	1.704.391,00	8.520.658,00
B.5. Income from equity investment:	0,00	0,00	0,00	0,00	0,00
a) In companies of the group:	0,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	454.982,00	1.065.834,00	73.422,00	105.642,00	70.972,00
a) From companies of the group:	451.079,00	70.795,00	18.050,00	51.293,00	70.972,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	3.903,00	995.039,00	55.372,00	54.349,00	0,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	0,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	413.148,00	0,00	441.724,00	378.717,00	423.646,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	2.083.108,00	8.944.304,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	14.524.263,00	0,00	0,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	276.266,00	388.334,00	222.472,00	247.068,00	463.081,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	0,00	17.093.833,00	942.176,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	19.176.941,00	9.886.480,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	20.575.795,00	10.345.804,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

Net Rights Granted	2016	2015	2014	2013	2012
1. Fiscal year result before taxes.: 61100	18.972.995,00	7.108.885,00	2.601.879,00	-19.367.834,00	-9.886.480,00
2. Results adjustments.: 61200	-11.551.814,00	1.109.319,00	582.661,00	23.706.733,00	10.611.565,00
a) Fixed Assets Amortization (+).: 61201	2.810.834,00	1.688.001,00	0,00	6.074.175,00	7.397.532,00
b) Obsolescence Allowances (+/-). : 61202	-14.570.123,00	41.804,00	190.614,00	-1.305,00	1.573.415,00
c) Variation in Provision (+/-). : 61203	70.593,00	35.115,00	172.795,00	294.893,00	1.106.184,00
d) Allocation of grants (-).: 61204	-276.266,00	-388.334,00	-222.472,00	-247.068,00	-463.081,00
e) Results on disposal of fixed assets (+/-). : 61205	0,00	0,00	0,00	1.272.838,00	573.869,00
g) Financial income (-).: 61207	-454.982,00	-1.065.834,00	-73.422,00	-105.642,00	-70.972,00
h) Financial Expenses (+). : 61208	657.299,00	605.638,00	401.361,00	390.542,00	369.982,00
i) Exchange differences (+/-). : 61209	210.831,00	192.929,00	113.785,00	93.817,00	124.636,00
k) Other income and expense (-/+). : 61211	0,00	0,00	0,00	15.934.483,00	0,00
3. Changes in current capital equity.: 61300	1.531.182,00	1.148.673,00	-4.014.019,00	2.952.875,00	-1.153.718,00
a) Stock (+/-).: 61301	-563.734,00	-784.417,00	-1.941.945,00	3.455.350,00	-3.428.505,00
d) Debtors and other accounts receivable (+/-). : 61302	3.788.308,00	113.121,00	2.082.776,00	-4.151.601,00	-179.231,00
c) Other current assets (+/-). : 61303	1.099,00	-11.462,00	134.505,00	949.670,00	-47.458,00
d) Creditors and other accounts payable (+/-). : 61304	-1.694.491,00	1.831.431,00	-3.888.593,00	3.297.689,00	2.363.479,00
e) Other current liabilities (+/-).: 61305	0,00	0,00	-400.762,00	-590.131,00	-3.278,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	0,00	0,00	-8.102,00	141.275,00
4. Cash Flows from Other Operating Activities: 61400	-202.317,00	460.196,00	-327.939,00	-284.900,00	-299.010,00
a) Interest payments (-). : 61401	-657.299,00	-605.638,00	-401.361,00	-390.542,00	-369.982,00
c) Interest collection (+). : 61403	454.982,00	1.065.834,00	73.422,00	105.642,00	70.972,00
5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500	8.750.046,00	9.827.073,00	-1.157.418,00	7.006.874,00	-727.643,00
6. Payments for investment (-).: 62100	-9.384.165,00	-16.229.809,00	-6.104.861,00	-5.815.163,00	-5.856.527,00
a) Companies of the group and affiliates. : 62101	-3.582.970,00	-9.333.930,00	0,00	-1.822.278,00	0,00
b) Intangible fixed assets. : 62102	-14.955,00	-245.110,00	-9.298,00	-13.667,00	-47.425,00
c) Fixed assets. : 62103	-5.786.240,00	-5.572.015,00	-5.724.867,00	-3.508.976,00	-5.010.102,00
e) Other financial assets. : 62105	0,00	-1.078.754,00	-370.696,00	-470.242,00	-799.000,00
7. Divestment payment collection (+). : 62200	1.299.682,00	241.442,00	2.198.183,00	-317.738,00	149.603,00
a) Companies of the group and affiliates. : 62201	0,00	0,00	1.822.278,00	0,00	0,00
b) Intangible fixed assets. : 62202	205.203,00	241.442,00	0,00	0,00	0,00
c) Fixed assets. : 62203	72.353,00	0,00	375.905,00	-319.400,00	143.000,00
e) Other financial assets. : 62205	1.022.126,00	0,00	0,00	1.662,00	6.603,00
8. Cash Flow from Investing Activities (6+7) less Amortization: 62300	-8.084.483,00	-15.988.367,00	-3.906.681,00	-6.132.901,00	-5.706.924,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	813.501,00	3.095.751,00	7.990.421,00	-60.000,00	7.821.936,00
a) Issuance : 63201	835.174,00	12.029.751,00	9.030.335,00	0,00	7.821.936,00
2. Debts incurred with credit institutions (+). : 63203	718.521,00	5.953.010,00	0,00	0,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	8.934.000,00	0,00	7.578.000,00
5. Other debts (+). : 63206	116.653,00	6.076.741,00	96.335,00	0,00	243.936,00
b) Repayment and amortization of : 63207	-21.673,00	-8.934.000,00	-1.039.914,00	-60.000,00	0,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	-8.934.000,00	-1.039.914,00	-60.000,00	0,00
5. Other debts (-). : 63212	-21.673,00	0,00	0,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash Flows from Financing Activities (9+10+11): 63400	813.501,00	3.095.751,00	7.990.421,00	-60.000,00	7.821.936,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-210.831,00	-192.929,00	-113.785,00	-93.817,00	-124.636,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	1.268.233,00	-3.258.472,00	2.812.537,00	720.156,00	1.262.733,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	1.792.958,00	5.051.428,00	2.238.891,00	1.518.735,00	256.002,00
Cash or equivalent assets as of end of the fiscal year.: 65200	3.061.191,00	1.792.956,00	5.051.428,00	2.238.891,00	1.518.735,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

 Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,02 %	0,01 %	-0,04 %	0,06 %	147,22 %	-84,65 %
Net Financial Debt:	1,44	2,06	1,33	2,84	8,20	-27,62
Cash Flow Yield:	0,02 %	0,00 %	-0,06 %	0,03 %	129,41 %	-84,15 %
EBITDA over Sales:	11,91 %	12,08 %	10,28 %	10,43 %	15,90 %	15,77 %

Profitability	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	32,87 %	8,98 %	15,40 %	6,93 %	113,39 %	29,54 %
Total economic profitability:	26,24 %	5,16 %	13,65 %	3,19 %	92,26 %	61,62 %
Financial profitability:	43,38 %	7,78 %	34,64 %	4,15 %	25,24 %	87,42 %
Margin:	29,48 %	7,87 %	8,51 %	6,33 %	246,40 %	24,25 %
Mark-up:	28,86 %	7,32 %	8,84 %	3,78 %	226,41 %	93,43 %

Solvency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,13	0,16	0,08	0,14	74,94	13,06
Acid Test:	1,14	0,89	1,10	0,87	3,27	2,41
Working Capital / Investment:	0,28	0,03	0,34	0,03	-19,22	0,39
Solvency:	2,05	1,20	1,94	1,19	5,30	1,15

Indebtedness	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,76	1,21	1,34	1,31	-43,41	-7,32
Borrowing Composition:	0,42	1,01	0,39	1,04	7,70	-2,74
Repayment Ability:	4,14	8,94	3,96	11,05	4,36	-19,13
Warranty:	2,33	1,84	1,75	1,78	32,77	3,44
Generated resources / Total creditors:	0,66	0,10	0,31	0,08	112,27	26,37

Efficiency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,49	1,92	1,50	1,79	-0,69	6,77
Turnover of Collection Rights :	7,38	5,12	6,23	5,22	18,61	-2,05
Turnover of Payment Entitlements:	2,94	3,54	3,42	3,69	-14,10	-4,08
Stock rotation:	3,45	8,07	4,27	7,79	-19,09	3,55
Assets turnover:	1,11	1,14	1,81	1,09	-38,40	4,26
Borrowing Cost:	2,04	2,35	1,88	2,45	8,87	-4,28

> Trend of indicators under the General Accounting Plan of 2007 (2016, 2015, 2014, 2013, 2012)

Cash Flow	2016	2015	2014	2013	2012
Cash Flow over Sales:	0,02 %	-0,04 %	0,04 %	0,01 %	0,02 %
Net Financial Debt:	1,44	1,33	-1,49	-0,41	0,75
Cash Flow Yield:	0,02 %	-0,06 %	0,06 %	0,02 %	0,02 %
EBITDA over Sales:	11,91 %	10,28 %	4,39 %	5,17 %	-1,68 %

Profitability	2016	2015	2014	2013	2012
Operating economic profitability:	32,87 %	15,40 %	7,19 %	-54,72 %	-18,06 %
Total economic profitability:	26,24 %	13,65 %	6,82 %	-43,48 %	-15,29 %
Financial profitability:	43,38 %	34,64 %	16,71 %	-354,62 %	-38,84 %
Margin:	29,48 %	8,51 %	4,71 %	-23,14 %	-14,06 %
Mark-up:	28,86 %	8,84 %	4,02 %	-23,61 %	-14,69 %

Solvency	2016	2015	2014	2013	2012
Liquidity:	0,13	0,08	0,20	0,07	0,05
Acid Test:	1,14	1,10	0,77	0,59	0,51
Working Capital / Investment:	0,28	0,34	0,24	0,01	0,03
Solvency:	2,05	1,94	1,50	1,07	1,11

Indebtedness	2016	2015	2014	2013	2012
Indebtedness level:	0,76	1,34	1,79	6,06	1,26
Borrowing Composition:	0,42	0,39	0,12	0,09	0,09
Repayment Ability:	4,14	3,96	9,97	8,88	-30,35
Warranty:	2,33	1,75	1,57	1,18	1,83
Generated resources / Total creditors:	0,66	0,31	0,09	-0,40	-0,09

Efficiency	2016	2015	2014	2013	2012
Productivity:	1,49	1,50	1,19	1,28	0,93
Turnover of Collection Rights :	7,38	6,23	4,97	5,43	6,14
Turnover of Payment Entitlements:	2,94	3,42	3,11	3,06	3,61
Stock rotation:	3,45	4,27	3,73	5,66	4,15
Assets turnover:	1,11	1,81	1,53	2,36	1,29
Borrowing Cost:	2,04	1,88	1,43	1,05	1,09

COMPARATIVE SECTORIAL BALANCE

Sector-based Comparison under the rules of the New General Accounting Plan.

Net Rights Granted	Variación -
	Empresa	Sector

Net Rights Granted	Variación -
	Empresa	Sector

Net Rights Granted	Variación -
	Empresa	Sector

News

--

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	MINISTERIO DE MEDIO AMBIENTE
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Project	Derechos de emisión
Amount Granted	25.145,00

Entity	MINISTERIO DE MEDIO AMBIENTE
Status	CONCEDIDA
Amount Granted	28.603,00

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	406.906,00
Notes	El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity	JUNTA DE CASTILLA Y LEON
Status	CONCEDIDA
Amount Granted	262.150,00
Notes	El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity	MINISTERIO DE MEDIO AMBIENTE
Amount Granted	163.564,00

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	4.500,00
Notes	El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	480.734,00
Notes	El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity	JUNTA DE CASTILLA Y LEON
Status	CONCEDIDA
Amount Granted	56.175,00
Notes	El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	51.907,00
Notes	El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	253.936,95

Entity	EMPRESA NACIONAL DEL GAS
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	18.781,62
Notes	El importe reflejado es el saldo al cierre. Concedida en 1999.

Entity	COMUNIDAD DE CASTILLA Y LEON
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	2.904,67
Notes	El importe reflejado es el saldo al cierre. Concedida en 1998.

Entity	EMPRESA NACIONAL DEL GAS
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Amount Granted	37.563,25
Notes	EL IMPORTE ES EL SALDO AL CIERRE DEL EJERCICIO.

Entity	COMUNIDAD DE CASTILLA Y LEON
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Amount Granted	6.390,29
Notes	EL IMPORTE ES EL SALDO A 31/12/04

Entity	EMPRESA NACIONAL DEL GAS
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Amount Granted	56.344,88
Notes	EL IMPORTE ES EL SALDO A 31/12/03

Entity	COMUNIDAD DE CASTILLA Y LEON
Subsidy Concept	SUBVENCION DE CAPITLA
Status	CONCEDIDA
Amount Granted	21.746,00
Notes	EL IMPORTE ES EL SALDO A 31/12/03

Entity	COMUNIDAD DE CASTILLA Y LEON
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Amount Granted	9.875,91
Notes	EL IMPORTE ES EL SALDO A 31/12/03

Research Summary

The subject was incorporated several years ago. Thus, it has lot of expertise in the sector. Its scope for action is very good, which means that part of the current assets are being financed with permanent resources (own and non-long term), which indicates that the company maintains a correct financial turnover.

Sources

Registry of Commerce's Official Gazette. Own and external data bases Company References

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.91
UK Pound	1	INR 90.31
Euro	1	INR 80.17
Euro	1	INR 79.89

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.